The state College Board approved plans Thursday for Ole Miss to spend $6 million for architects to design a 10,000-seat venue, a parking garage and other facilities.

The arena would replace Tad Smith Coliseum, built in 1967. Ole Miss said the current arena is outmoded and worn out.

It's not clear how much a new arena would cost. Chancellor Dan Jones said that's one issue a design would help settle. In its ongoing $150 million athletic fundraising campaign, the university has projected raising $70 million for the arena.

Jones said designs could be complete later this year. Ole Miss had once said it would start work this year.